12.11 Bitcoin Market Analysis and Trading Strategy Reference:

Just now, Bitcoin completed its daily closing, and in the hour before the close, the market experienced a new round of decline, closing the day around 95800. On the daily chart, from early November around 67000, it rose all the way to the recent high of 104585 after more than a month of upward trend. Just at the recently closed K-line, it is the first time during this round of upward movement that it has broken below the trend support at the middle band of the Bollinger Bands on the daily level, which can also be seen as a short-term end signal for this upward trend. In my personal view, this pullback may have just begun, especially since after breaking through the new high of 73000, the market has risen by more than 30,000 points, and this retracement ratio is still minimal.

Looking at the short term, after failing to stabilize at the resistance level during the evening rebound on the four-hour chart, the market continued to decline, with the closing price near the lower band of the entire Bollinger Bands. The decline of the large bearish candle announced a worsening bearish sentiment, while also releasing some bearish volume in the market to a certain extent. Therefore, if there is no further sharp decline in the short term, the space for further decline at this point will not be very large. Simply put, it has dropped too much, and it won't move down much in the short term; at most, there will be 1-2 more waves before a warming up and market correction.

In summary: The short-term trend is still bearish, but the bottom space may be limited. Currently, the visible support levels below are at 93000 and 90000. Touching these levels will likely lead to a rebound. Overall, trading during the day can involve placing small stop-loss long positions near the support, but it is generally recommended to focus on short positions, with the upper resistance to watch at 97500-98500.